Blog Inc., has net sales of $50,000, cost of goods sold of $30,000, and selling expenses of $5,000. Its gross profit is $20,000.
<h3>What is gross profit?</h3>
Gross profit is the profit of a company or an entity after subtracting all the costs that are related to manufacturing and selling its products or services.
Explanation:- Gross Profit = (Net Sales – Cost of Goods Sold)
= ($50,000- $30,000)
= $20,000
Hence, the gross profit of the Blog Inc., would be $20,000.
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Answer:
10,769 units
Explanation:
Fixed costs is 1,200,000
The selling price is 240
The variable cost is 110
operating income 200,000
This can be calculated by equating both sides
200,000 + 1,200,000= 240x-110x
140,000= 130x
Divide both sides by the coefficient of x which is 130
140,000/130= 130x/130
x = 10769.2307
The will require him to submit a business plan and a financial plan.
Answer:
Hi there!
For accounting treatment , accounts are broadly classified into three types as personal account , real account and nominal account or fictitious account. They are as follows:
The account which is related with a person or organization ( entity ), is termed as personal account. Here person means natural persons like Anna , Olivia , James etc and organization represents the artificial persons created by law. The rule for debit and credit for personal accounts is ;
Debit : The receiver
Credit : The giver
The account which is related with assets or property is known as real account. Land and building , plant and machinery, and furniture and fixtures are the examples of the real account. Properties or assets are either incoming or outgoing from the organization. The rule for real account is ;
Debit : What comes in
Credit : What goes out
The account which is related to expenses or loss and income or gain is known as nominal account. Rent , wages , salary , discount , interest and commission are the examples of nominal account. The rule of nominal account is;
Debit : the expenses or losses
Credit : the income or gains
Hope this helps..
Best regards!!